Index climbs on margin trading hopes
By Joyce Pan |
March 23, 2010, Tuesday
|
Print Edition
Print Edition
SHANGHAI'S key stock index ended slightly higher yesterday on speculation shares could get a boost from the launch of margin trading.
The Shanghai Composite Index gained 0.22 percent to close at 3,074.58. Turnover stood at 113.4 billion yuan (US$16.7 billion).
China's securities regulator has approved the first batch of six brokerages to take part in the trial program for margin trading, and will likely approve a second group soon.
"The margin trading business could spark a capital inflow of between 60 billion yuan and 90 billion yuan into the A-share market, giving a boost to the index," Sinolink Securities Co said.
Lenders led gainers on reports that new yuan lending will amount to 900 billion yuan in March, beating expectations.
Shanghai Pudong Development Bank rose 1.9 percent to 22.21 yuan.
The Shanghai Composite Index gained 0.22 percent to close at 3,074.58. Turnover stood at 113.4 billion yuan (US$16.7 billion).
China's securities regulator has approved the first batch of six brokerages to take part in the trial program for margin trading, and will likely approve a second group soon.
"The margin trading business could spark a capital inflow of between 60 billion yuan and 90 billion yuan into the A-share market, giving a boost to the index," Sinolink Securities Co said.
Lenders led gainers on reports that new yuan lending will amount to 900 billion yuan in March, beating expectations.
Shanghai Pudong Development Bank rose 1.9 percent to 22.21 yuan.
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